The team at a $206-billion-AUM, 650-person fund firm from Southern California is celebrating a big milestone for their second biggest exchange-traded fund.

On Wednesday (February 4), Eli Horton, managing director and senior portfolio manager at the TCW Group [profile], and Scott Dennis, head of ETFs, highlighted the growth of the TCW Transform Systems ETF (PWRD on the Nasdaq) past $1 billion. The ETF now has $1.04 billion in AUM*.

Los Angeles-based TCW serves as investment advisor to PWRD. Horton is the sole PM and has run the fund since inception four years ago. The fund comes with an expense ratio of 75 basis points.

PWRD launched on February 2, 2022 as the Engine No. 1 Transform Climate ETF, with the ticker NETZ. TCW bought Engine No. 1 in 2023, renaming NETZ as the TCW Transform Climate ETF on October 13 of that year, than as the TCW Transform Systems ETF on November 13. On February 3, 2025, TCW switched the ETF's ticker to PWRD.

Dennis puts PWRD's AUM milestone in the context of what he describes as investors ' collective confidence in TCW's "ETF platform."

"The momentum from 2025 reinforces our conviction in active management, and we look forward to continuing to apply our disciplined approach across fixed income and thematic equities as markets evolve in the year ahead," Dennis states.

"Reaching this milestone reflects strong investor conviction in our active, concentrated approach to investing," Horton states. "We believe many portfolios remain structurally underexposed to the scale and durability of the energy transformation, and our strategy is built to allocate capital dynamically as fundamentals evolve and new information emerges."

PWRD is an actively managed, non-diversified series of TCW ETF Trust. The fund's other service providers include:

Brown Brothers Harriman & Co. (BBH) as administrator, custodian, fund accountant, and transfer agent;

Deloitte & Touche LLP as independent accounting firm;

ACA's Foreside Financial Services LLC as distributor;

Foreside Fund Officer Services, LLC as provider of a chief compliance officer, a principal financial officer, and a treasurer; and

Paul Hastings LLP as counsel.

*As of February 5, 2026 (yesterday). 

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